Advances for Construction Sample Clauses
The "Advances for Construction" clause establishes the terms under which a party, typically the owner or client, provides upfront payments to the contractor to fund the commencement or progress of construction work. This clause outlines the conditions for receiving advances, such as required documentation, repayment schedules, and any security or guarantees needed to protect the advancing party. By facilitating early access to funds, it helps ensure that the contractor has sufficient resources to mobilize labor, purchase materials, and initiate work, thereby reducing delays and financial strain at the start of a project.
Advances for Construction. So long as no Event of Default (as hereafter defined) has occurred and is continuing, and so long as all other conditions to lending set forth herein and in the Loan Agreement have been satisfied, the Borrower may request advances of principal from time to time as provided in the Loan Agreement. Requests for advances may be made at any time from and after the date hereof and prior to the earlier of (a) the last day of the month in which completion of the construction or renovations to the improvements on the Real Property has been attained, or (b) June 30, 2006 (the "Completion Date"), unless such date is extended by mutual agreement of the Borrower and the Bank, from and after which date no further advances will be made.
Advances for Construction. 14 SECTION 3.1 Requests for Advance under the Loan....................14 SECTION 3.2
Advances for Construction of the Model Homes shall be made in the same manner as advances are to be made under the RLC; provided; however, that advances under the Model Loan for each Model Home shall not exceed the lesser of (i) 75% of the appraised value of such Model Home as it is to be constructed as shown in an appraisal report obtained at Borrower's expense and satisfactory in all respects to Bank in its sole discretion, (ii) the Estimated Loan Value (less the Lot release price) attributed to the particular model for such Model Home as set forth in Exhibit "C," attached hereto, or (iii) 100% of the actual cost of constructing the Model Home in accordance with the plans and specifications and cost breakdown (less any amount attributable to the Lot release from the Acquisition Loan).
Advances for Construction. During construction of Improvements to the Commercial Land, the Construction Rider shall control advances and other requirements of the Loan. The provisions of the Construction Rider shall survive through maturity of the Loan.